Australia business investment dips in Q1, outlook sharply upgraded


Retail sales did rise a solid 1.2% in the quarter to a record high A$93 billion in real terms with consumers not yet deterred by surging goods prices.

Australian business investment fell unexpectedly in the first quarter as floods and bottlenecks hit building work, though firms sharply lifted plans for spending in the year ahead in a boost to the economic outlook.

Data from the Australian Bureau of Statistics out on Thursday showed private capital spending dipped a real 0.9% in the March quarter, from the previous quarter, missing forecasts of a 1.5% increase.

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